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Revolving Credit…What’s that? 3 hours

  • Level 2

Additional Materials: Electronic Device(s) to Watch Videos and Read Articles

Introduction to Revolving Credit  

Introduce topic by saying:

Credit cards and lines of credit allow us to make everyday purchases as well as large purchases without being tied to a specific pay off date. This freedom can be enticing and is easy to misuse. Watch this video and/or read through this article which defines the basic differences between credit cards and lines of credit: Line of Credit vs. Credit Card: Difference, Cost & More

Revolving credit...what's that?

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Presentation of Material: 

Discussion Prompts: Discuss these questions as a whole group or with partners (reminder: not every student will have loaned money to someone):

Have you ever borrowed from or lent money to someone? 

Who was involved?

Was there a formal agreement for repayment?

Did it work out as planned? Why or why not?

Credit Cards (can continue this section with the same partner). Have students view at least 2 of the 4 credit card commercials and answer the questions:

What features of each credit card are being showcased? 

What marketing strategies are the credit card companies using? 

What features are not being showcased about the credit card? 

Get a show of hands from students that already have a credit card (remind students that a checking-debit card is not the same thing as a credit card). Ask all students to share what they should be looking for when applying for a credit card and paying monthly statements? Have a short discussion before moving onto watching the following video. 

Have students watch this video on 5 things to Consider When Applying for a Credit Card. After the video, have students rank the following list from most important to least important, (1-most, 4-least) with explanations of why the list is ranked that way. 

  • Annual Fee
  • APR
  • Penalty Fees and Rates
  • Grace Period

Revolving credit...what is that and how it works

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Using the instructional strategy, jigsaw, have students read the Revolving Credit: What is it and How It Works article. Organize students into a group of 4-6 people. Divide the article into 4-6 parts, and assign one student in each group to be responsible for a different segment.Give students time to learn and process their assigned segment independently.

Put students who completed the same segment together into an “Expert group” to talk about and process the details of their segment.

Have students return to their original “Jigsaw” groups and take turns sharing the segments they’ve become experts on.

Closure: Have each group create a product or presentation that summarizes what revolving credit is and how it works. (Allow the students to use their personalities and characteristics to make this interesting.) This will require each group member to be responsible for their content and reliant on the other group members to understand the material.

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